SBA: $16B In PPP Loans Dispersed to 121K Michigan Businesses
July 7, 2020Yesterday, the SBA and Treasury Department released a list of businesses that received funds from the PPP. In total, 121,135 loans totaling nearly $16 billion were approved in Michigan as of the end of June, according to the SBA. This number underscores the immediate economic crisis due to the spread of COVID-19.
The PPP was able to help Michigan businesses keep more than 1.5 million employees on the payroll throughout the crisis.
$130B Funds Still Available
About $130 billion was unclaimed when the application deadline closed June 30, so Congress voted to extend the program, setting a new date of Aug. 8. Learn more.
Do You Qualify for PPP Loan Forgiveness?
Under the Paycheck Protection Program (PPP) created by the CARES Act, loans may be forgiven if borrowers use the proceeds to maintain their payrolls and pay other specified expenses.
Congress recently changed the rules regarding loan forgiveness. The Treasury Department and Small Business Administration are responsible for updating the application form and instructions for loan forgiveness. You can find the most up-to-date information here.
PPP borrowers must apply for loan forgiveness with the lender that processed the loan.
This guide is designed to help borrowers understand the process by which their loan forgiveness amount will be calculated and the overall approach of the loan forgiveness process.
